profit-loss account4

May 13th, 2015
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Abraham Lincoln University
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profit loss accounting description of statement with descriptive things.

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Profit____________________________________________________________________________________________________________Such slogans as buy low, sell high or never give a sucker an even break echo peoples expectations that firms try to maximize their profits.Profit maximizationis the standard economic assumption used to analyze the behavior of firms.Profitis a firms total revenue minus its total cost;lossis incurred when revenue fails to cover costs. Profits are positive, while losses are negative.Although, economists and bookkeepers define profits and losses similarly, economic profits and accounting profits often differ. Different definitions of costs explain this inconsistency.Economic vs. Accounting CostsYou know that the value of the best alternative forgone is the economic cost of anything from lard to romance. All costs, whether monetary or non

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